The Ministry of Finance: A Key Player in the Faroese Financial Services Landscape

The Faroese regulatory landscape for financial services has received a significant boost with the Ministry of Finance taking on crucial ministerial responsibilities. As a key player, the Ministry plays a vital role in shaping taxation, fees, and tariffs policies, ensuring that they are grounded in robust legislation.

Legislative Work

• The Ministry is responsible for legislative work related to taxation, fees, and tariffs policies
• Ensures that policies are grounded in robust legislation
• Provides valuable insights and expertise to inform decision-making

Advisor Role

• Serves as a trusted advisor to the Minister on bank regulation matters
• Provides valuable insights and expertise to inform decision-making
• Lends a helping hand in wage negotiations with public employee unions, ensuring fair and reasonable agreements for all parties involved

Coordinating Body

• Brings together different government ministries under one umbrella
• Streamlines budgetary, financial, and economic processes across the national administration
• Aims to achieve efficient and cost-effective outcomes that benefit the Faroese people as a whole

Oversight of Public Institutions

• Oversees several public institutions within its jurisdiction
• Acts as their administrative head office
• Provides critical support to ensure their smooth operation

Contact Information

Ministry of Finance (Fíggjarmálaráðið) Tinganes, PO box 2039 FO-100 Tórshavn Tel. 35 20 20 Email: fmr@fmr.fo